- Oil prices rose Tuesday morning by nearly 1% after a four-day decline driven by worries about energy consumption due to the coronavirus surge
- WTI’s retreat to $67 yesterday from almost 4% was the longest losing run since March
- The U.S. dollar has also hit commodities as the currency’s spot index hit 93.13; the highest level since late March for the greenback
- Crude oil is priced in dollars, and so a stronger dollar makes oil more expensive for buyers
- EIA crude oil inventory data is due at 9:30 am
- Bloomberg survey estimates
- U.S. crude oil inventories: -1,626 MBbl
- U.S. gasoline inventories: -2,298 MBbl
- U.S. distillate inventories: +161 MBbl
- U.S. refinery utilization: +0.23%